Princeton endowment chief retires

Andrew Golden is stepping down from his post as president of Princeton University Investment Company after 30 years, the university said in a statement.

A search for his successor is underway.

During Goldin's stewardship, the US35 billion fund posted an annualised return of 12.6 per cent, the university said in a statement.

Under his supervision, the endowment has grown tenfold, according to the university, and has contributed almost US$20 billion to Princeton.

Princeton president Christopher Eisgruber called Golden's achievements " the stuff of legend."

"His brilliant leadership of PRINCO has changed the economic model of this University, enabling us to support financial aid, graduate stipends, research excellence, and the teaching mission in ways that would otherwise have been unimaginable," Eisgruber said.

Commenting on his retirement, Golden said: "My time here has been an incredible privilege."

"It's been almost a three-decade marathon... My goal for the year ahead is to sprint through the tape, and to make sure that Princeton is positioned for success over the next 25 years."

During Golden's term as president, PRINCO has partnered with more than 70 investment firms.

At present, 26.8 per cent of the endowment is managed by diverse-owned funds.

"It has been most gratifying for me to see the development of the university, and the development of my colleagues and even of our external managers over that time," Golden said in a statement.

"I think the hallmark of PRINCO, one of the things that distinguishes us, is that pursuit of partnership."

Earlier, Golden served as an investment director at Duke Management Company and a senior associate at Yale Investment Office.

He is a founding member of the Treasury Department's Investors' Committee of the President's Working Group on Financial Markets and sits on the board of Park Agency, a family office. He is a member of the investment committee at the Edmond J. Safra Foundation and the Cambridge University Endowment Fund.

He is a trustee for the Princeton Area Community Foundation, the Rita Allen Foundation, and Rutgers Preparatory School.